August 15, 2023
Community Facilities District No. 3(The Pines at Sunrise Village)
CFD Process
Developer submits a Petition to create a CFD
Step 1 – Initiation (June 20, 2023): City Council considers Resolutions of Intention to form the CFD and allow the CFD to incur indebtedness, setting a date to consider formation.
Step 2 – Formation:
(August 1, 2023) City Council holds a public hearing to take public comment. (August 15, 2023) City Council considers Resolutions to form the CFD, to incur bond indebtedness, to call and declare results of the special election, to approve the Improvement and Reimbursement Agreement, and to introduce the first reading of the Ordinance to levy special taxes on CFD No. 3 including an election on the approval of special taxes and on the need to incur bonded indebtedness within the CFD.
Step 3 – Bond Issuance: If Developer desires to initiate bond financing, City Council considers bond issuance. 3 CFD No. 3 (The Pines at Sunrise Village)
Boundary
Eligible Facilities
City Facilities: Street improvement which includes undergrounding of utilities, park improvements, sewer improvements Maximum Indebtedness
Not to exceed $9,500,000 and 40-year maturity
Public Hearing Held
August 1, 2023
5 Recommendation
Approve and adopt each resolution individually in the following order. An Order of Proceedings is provided for reference (Attachment 2).
RESOLUTION NO. 2023-XX – RESOLUTION OF FORMATION OF COMMUNITY FACILITIES DISTRICT RESOLUTION NO. 2023-XX – RESOLUTION DETERMINING NECESSITY TO INCUR BONDED INDEBTEDNESS RESOLUTION NO. 2023-XX – RESOLUTION CALLING SPECIAL ELECTION Hold the special tax election and announce results, then approve and adopt each resolution individually in the following order:
RESOLUTION NO. 2023-XX – RESOLUTION DECLARING RESULTS OF SPECIAL ELECTION AND DIRECTING RECORDING OF NOTICE OF SPECIAL TAX LIEN RESOLUTION NO. 2023-XX – RESOLUTION APPROVING AN IMPROVEMENT AND REIMBURSEMENT AGREEMENT AND AUTHORIZING AND DIRECTING ACTIONS WITH RESPECT THERETO Introduce for first reading of title only and waive further reading of:
ORDINANCE NO. 2023-XX – AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF FULLERTON LEVYING SPECIAL TAXES WITHIN THE CITY OF FULLERTON COMMUNITY FACILITIES DISTRICT NO. 3 (THE PINES AT SUNRISE VILLAGE) 6 August 15, 2023
Community Facilities District No. 3(The Pines at Sunrise Village)